Shares of Charles Schwab Corp. rose after second quarter earnings exceeded expectations. The company provided strong performance supported by a new record of client assets and a surge in transaction revenue.
Schwab reported adjusted earnings of $1.14 per share, with total client assets rising 14% year-on-year to $10.76 trillion. Revenue from client transactions increased 23% to $952 million.
“Retail investors and independent investment advisors continue to view Schwab as a trusted partner, with over a million new brokerage accounts being opened,” said Rick Wurster, the company’s CEO.
Wurster, who took over as CEO at the beginning of the year, said in a revenue call with analysts that the company is continuing its work in the digital assets space. He said Schwab will offer spot trading for Bitcoin and Ethereum, but that will become an important growth area. He also said the company is planning to offer stubcoin and is in discussions with major banks to form a consortium for this purpose while also evaluating its own independent options.
*This is not investment advice.
